Northern Trust appointed by Azimut for asset servicing in the Middle East

Second Middle East deal in as many months for Northern Trust as it expands custody services in the region.

By Jonathan Watkins

Northern Trust has been appointed by Italian-headquartered asset manager, Azimut, to provide asset servicing and portfolio reporting for its Dubai International Financial Centre (DIFC) funds in the Middle East.   

The mandate win is the second in as many months after the custodian was appointed by Dubai-based asset manager Sancta Capital Advisors in June to provide brokerage and global custody services, as the bank continues to enhance its capabilities for Middle Eastern firms. 

As custodian for Azimut’s DIFC fund range, Northern Trust will deliver portfolio reporting and local servicing for its client’s time zone directly from the United Arab Emirates.  

Azimut (DIFC) Limited is part of the Azimut Group – one of Italy’s leading independent asset managers with €54.5 billion of assets under management. Headquartered in Milan, the group was founded in 1989 and is listed on the Italian stock exchange.  

Northern Trust’s multi-asset class expertise, technology platform and sound financial standing offer us a solid and secure base for our ambitious expansion plans,” said Giorgio Medda, global head of Asset Management and Azimut Group Co-CEO. 

Northern Trust began servicing clients in the Middle East in 1987. Today, from its offices in Abu Dhabi and Riyadh, the custodian services clients that include large sovereign wealth funds, central banks, inter-governmental/governmental organisations, asset managers and family offices in the region. 

Aside from the deal in June with Sancta Capital Advisors, the custodian also landed a mandate in July 2019 from Introspect Capital, a boutique Middle East-based asset manager, to provide global custody and brokerage services. 

The combination of Northern Trust’s technology, local presence and ability to provide global custody in over a hundred countries supports Azimut’s strategic growth objectives by delivering servicing and solutions in its working week and time zone,” said Michael Slater, head of Middle East and Africa at Northern Trust. 

Our business supporting Middle East funds continues to grow – underpinned by our global scale and expertise in supporting the full spectrum of investment strategies. 

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